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  "documentTitle": "Huntsman Corporation (HUN)",
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  "notes": "The slide highlights the company's own definitions of peer groups to establish a baseline for subsequent activist arguments.",
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      "text": "Company's Explanation for How Proxy Peers Are Chosen",
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      "text": "Performance Peers: Used by the Board to measure relative TSR and consists of companies that the Board believes Huntsman competes against for market share and investor capital.",
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      "text": "Proxy Peers: Used by the Board for executive compensation benchmarking.",
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      "kind": "paragraph",
      "text": "The Proxy Peers are intended to be representative of the companies against whom we compete in the global chemical industry for business opportunities and executive talent...",
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      "text": "The Board relies on two peer sets which are publicly disclosed in its Annual Proxy statement. Proxy Peers are used to help the Board benchmark management compensation, and Performance Peers are used to help the Board benchmark the Company's performance.",
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      "text": "The company peer group used to determine relative TSR performance (the \"2020 Performance Peers\") represents industry-specific public companies against whom we compete for market share...",
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      "text": "Starboard's references to Proxy Peers and Performance Peers conform exactly to peers selected by the Board.",
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      "text": "Source: Public company filings.",
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      "text": "For Reference, the Board Uses Two Peer Sets, One For Benchmarking Compensation, and One for Performance",
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